A former HSBC Holdings banker rang in the new year with a new hedge fund.

Roshan Padamadan's Luminance Global Fund was set to debut yesterday with about US$2 million in initial assets, Bloomberg News reports. The former product specialist at HSBC hopes to double that number within three months.

Singapore-based Padamadan said Luminance will seek out companies "where the business models survive in almost every scenario."

"In this day and age, macroeconomic developments are particularly hard to call," he told Bloomberg. "We don't want companies which will swing with macro events. We are looking for companies which will be fine irrespective of macro."

Padamadan set up Luminance with Sunand Razu and Swiss-Asia Financial Services, which will provide back-office services.

Luminance will charge a relatively high performance fee of 25%. But the firm will not collect any of it until after three years, and will charge no management fee.